The worldwide e-commerce market is predicted to expand by 7.8% and reach a market value of $6.5 trillion by the end of this year. As an e-commerce operator, it is in your best interest to leverage the emerging trends so that your business can claim its fair share of this expanding market. We discuss some of those trends below.
Social Commerce
This is one big trend to watch if you are into e-commerce. Social media as well as other digital channels are the hallmarks in this trend. The concept allows transactions to happen easily between businesses and their target clientele. For example, social media platforms are being leveraged to promote products and enable sales to be concluded.
The key is to go where your customers are and engage them meaningfully. Remember that each platform is different, so customize the content you put out so that it fits into the overall tendencies within each platform. For example, TikTok is known for short videos, so don’t upload long-form text there!
Sustainability
Customers are increasingly paying attention to matters of sustainability and they expect the brands they patronize to do the same. Buyers won’t be content with companies doing the least just to be regarded as conscious of sustainability. Brands need to fully commit and make sustainability a core of their ethos.
So, invest in minimizing the carbon footprint of your e-commerce business by sourcing your inputs from suppliers implementing sustainability principles, ensure your website operates energy-efficiently and users don’t experience drag while visiting your site, among other changes.
Don’t Ignore Emerging Markets
Rather than struggling to get a foothold in a saturated market, why not consider targeting emerging markets where growth opportunities abound? Competition is likely to be less cutthroat and the growing numbers of people in the middleclass coupled with increasing access to high-speed internet gives businesses fertile conditions to thrive.
Utilize B2C Experiences
The younger demographic of B2B customers expect their transactions to be no different from the experiences that B2C clients enjoy. This includes personalization, dynamic pricing, exceptional search capabilities, among others.
You would be well advised to invest in making the B2B customer experience no different from what B2C experiences typically entail. Make the entire process from generating leads to closing a sale a single, seamless process.
Working with major players in the e-commerce space like NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) can give small firms access to the best technologies and platform to take their operations to the next level and increase the chances of thriving in this competitive industry.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
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